Decentralized exchanges COW and CETUS recorded a sharp increase in their prices following a listing announcement from Binance.
Binance, the largest cryptocurrency exchange by trading volume, announced today the listing of Cow Protocol (COW) and Cetus Protocol (CETUS) for spot trading. The announcement sparked renewed interest among traders, which quickly translated into a more than 75% rally for both the altcoins.
Listings on major exchanges are typically accompanied by a surge in liquidity as the token is exposed to a broader user base—factors that can drive fresh demand and price momentum.
Trading for the COW/USDT and CETUS/USDT pairs is set to commence at 12:00 UTC, with Binance enabling deposits for these tokens before trading begins, allowing users to position themselves for the market launch.
According to the announcement, withdrawals for the newly listed tokens will be available starting tomorrow, Nov. 7 as scheduled. Binance also clarified that no listing fees were applied for these tokens.
The exchange also added that the seed tag will be applied to COW and CETUS as the tokens may exhibit higher volatility and risks compared to other tokens listed on the platform. Subsequently, the exchange plans to roll out spot copy trading and bot support for these tokens—available 24 hours after the pairs hit the live market.
COW set for more gains
Following the announcement, COW saw its price surge by more than 79% during the early trading hours on Nov. 6 to break past the $0.45 psychological resistance level for the first time in over 6 months. The altcoin was exchanging hands at $0.458 when writing over 100% since the beginning of this year.
COW had already drawn investor interest following its listing on Coinbase in late September. Further, the decentralized exchange also secured fresh funding from European venture capital firm Greenfield Capital on Nov. 5 adding momentum to the bullish narrative around the token.
The recent rally, combined with the highly bullish sentiment sweeping the crypto market as Donald Trump edges closer to a U.S. election victory, has drawn a wave of smart money into COW. Over the past 24 hours, COW has become the second most accumulated token among these high-net-worth investors, signaling strong confidence in its upward potential. See below.
Post-Trump election (well 99% election according to @Polymarket) top smart money accumulation in the last 24 hours?
💪How many SMW bought and not sold:$GOAT and $LOCKIN
🫰From the size of accumulation point of view:$GOAT, $COW, $BONK and $PEPE pic.twitter.com/d1rmcMWxfD
— CoinSense.app (@CoinSense_App) November 6, 2024
With all these factors aligning, COW appears set on a path to challenge its yearly high of $0.48—a target that lies just over 4% from current price levels at press time.
Meanwhile, CETUS also rallied 76% to print an all-time high of $0.32 on Nov. 6, with the Binance listing as the key driver. CETUS is the largest decentralized exchange on the Sui (SUI) network and has also enjoyed investor interest due to its listing on Kraken Pro in late October and its recent integration with DeFi aggregator RaidenX.
As CETUS trading commences on Binance, the altcoin could enter price discovery as more traders look to cash in on the hype around the token’s listing.
While a top-tier exchange listing like Binance often triggers an initial price surge, newly listed tokens often face selling pressure in the days that follow as traders capitalize on short-term gains once the hype subsides.
